Turaco has netted $1.2m in a seed round. The Kenyan InsurTech startup will use it to expand into new markets and place new pilots and partnerships.
The company was founded in 2018, operates in Kenya and Uganda, and offers a selection of life and health insurance products through different partnerships.
Its services are based on a subscription model. This enables consumers to select automated medical policy renewals bundled with their existing payments, like bank loans or ride-hailing services.
“We built Turaco based on the belief that we are called to love all our neighbours as we love ourselves,” Ted Pantone, co-founder and CEO of Turaco, told Disrupt Africa. “At its core, our company exists to come alongside people in their greatest times of need. It is a perfect intersection between social impact and a commercially scalable opportunity.”
The Sub-Saharan industry has attracted over $1.1bn since 2014, according to FinTech Global’s data. Of those, 8.9% have been injected into InsurTech.
The payments sector has led the way, attracting 39.8% of all FinTech investment between 2014 and the first nine months of 2019.
The marketplace lending sector received 17.3% of all investment and WealthTech 13.1%.
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